According to FX Strategists at UOB Group, the bearish note in USD/JPY is expected to lose impetus if 105.20 is regained in the next weeks. Key Quotes 24-hour view: “Our expectation for USD to consolidate yesterday was wrong as it dropped to a low of 103.99 before rebounding strongly. Downward pressure has more or less dissipated and USD is likely to trade sideways for today, expected to be between 104.20 and 104.90.” Next 1-3 weeks: “We have held a negative view in USD since early last week and in our latest update from last Thursday (17 Sep, spot at 105.00), we highlighted that ‘the outlook remains weak’ and we were of the view that ‘the July’s low of 104.16 may be out of reach this time round’. However, downward momentum has been stronger than expected as USD dropped to a low of 104.25 last Friday. From here, USD could dip below 104.16 but oversold conditions suggest that a sustained decline below this level is unlikely (next support is at 103.80). All in, the weakness in USD appears to be overstretched but only a break of 105.20 (‘strong resistance’ level was previously at 105.50) would indicate that the negative phase has run its course.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Gold remains on track to test the August low of $1863 FX Street 2 years According to FX Strategists at UOB Group, the bearish note in USD/JPY is expected to lose impetus if 105.20 is regained in the next weeks. Key Quotes 24-hour view: “Our expectation for USD to consolidate yesterday was wrong as it dropped to a low of 103.99 before rebounding strongly. Downward pressure has more or less dissipated and USD is likely to trade sideways for today, expected to be between 104.20 and 104.90.” Next 1-3 weeks: “We have held a negative view in USD since early last week and in our latest update from last Thursday (17 Sep, spot at 105.00),… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.